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Penson's Letter To SEC On Matt Taibbi
By Kerry Massaro
Oct 7, 2009 at 04:29 PM ET
Check out this developing story on Penson Financial Services, which was accused of a serious securities law violation (approving a large naked short) by Rolling Stone columnist Matt Taibbi. Penson wrote a letter to the SEC denying any wrong doing.
Here is a story that appeared in The Business Insider that recounts what happened.
This is a huge profit center for brokerages and clearing firms.
Nothing will be done about it.
anniversary of the 1987 crash
Wall Street Week with Louis Rukeyser
I do miss louis in a freakish kind of way.
Great work ZH
You should buy NBC, get your research out to a larger audience.
au contraire - I suspect that if measured properly ZH would have not only a better quality audience than (C)/(MS)NBS but a larger one
Yeah it is, what strikes me as particularly fascinating is the entire hindsight concept. Now that the collateral is recognized as having value, the lawsuit has merit to it and is of course being pursued. Interestingly Barclays could point out that even JPM's Dimon himself perceived these items to have no value and acted aggressively to get the items off of his books when stuck with them.
Perhaps that really indicates that for a moment in time the vulnerability of banks to not support the market and leverage extensions to have been divorced from reality. It seems more and more that we're nearing that now price/value is being stretched too far, but at least we know there is a floor below a-la the USG.
CNBC needs to send its reporters to ZH headquarters to be retrain. This is real financial journalism!!
Just testin' my new login. Deeper comments forthcoming (maybe). Good to see that login demands 3rd grade math.
Geez Louise! Am I the only one getting those tensor calculus probs?
Great catch/blog, TD!!!!!!!
Hint: Use Bessel functions.
Great stuff - thanks.
I, for one, support the "corporate death penalty" for this kind of crap.
Fines are meaningless. Putting a few people in jail is meaningless.
Liquidate a corporation when they commit severe crimes and you can bet it won't be business as usual anymore for management.
WHY are Americans not taking to the streets en masse to protest this continual theft, aided and abbetted by our own GOVERNMENT??
As someone said earlier--- The BANKS are our Government.
Obama--WHAT HAPPENED to your promises of accountability and transparency?? I voted for you, and feel like your election was the biggest bait and switch swindle of all time.
Meet the new boss - Same as the old Boss --OWNED by the BANKS.
Obama--WHAT HAPPENED to your promises of accountability and transparency?
You didn't really believe his happy-face hopey changey bullsh1t did you?
it boggles the mind until recall the immortal
words of p t barnum....
Jessica Simpson would have been a better option than the McSenile/Palin ticket...
Give us a fucking BREAK!
There wasn't supposed to be a better option. Didn't you get the memo?
Sadly, people still cling to the notion that we in the US have free elections, that the candidates make it to "the show" strictly on their own merit and the ballots cast are actually counted fairly.
BarriO is from Chicago. It's all about the game. Anyone who voted for him believing him to be a populist is a fool. This is the genesis of American facism....crony capitalism meets Socialism.
No, the genesis of this started with 9/11. The powers that be used that event to setup all of the security/anti-constituional related laws needed for an efficient corporatist tyranny. Then they crashed the economy to pave the way for the next President to continue with the ball and usher in the economic changes necessary. A clean two sets of targeted events and Presidents set to use them setup by the folks who will run the show for the next hundred years.
I can tell you why Americans aren't taking to the streets. They're retarded. Have you ever tried explaining yourself to a roach? There's your answer. The average American is still driving around in a gas guzzling SUV with American flags taped to the windshield. They view the plastic flags as patriotism. They'll never learn.
More than corporations are in need of killing imo.
Corporate execution for crimes against people. Capitalism Punishment. Capitalism good; corporate criminality bad. Free Markets for Free People. Government fixes markets 'till they break. Regulated entities must be disqualified from Regulation construction. The fox shouldn't provide input on building the chicken coop.
People make the rules; corporations take a back seat or Serfdom is the only road to the Hell of our own acquiescence.
Look on the bright side. At least refutes the accusation that the foreign buyers always get burned in these gonzo Wall Street mega-collapses/rescues.
Cheers TD. Always enjoy your work.
Judgment day for the Fed approaches...
I read a story slanted from the Barclay's viewpoint not long ago that made JPMorgan look like the villian (trying to wire all kinds of crap to Barclays which Barclays claimed wasn't per the deal). With this view, I really don't know who exactly is the villian. Either way, all the surviving banks have made out well off our taxpayer backs, and are now paying themselves massive bonuses. They are all thiefs, villians, pigs in my view.
The trillions of tax payer money was spent to maintain the world power structure of the wealthy elite. Surely it would have collapsed by now if they didn’t. It’s still going to collapse. We are not so stupid that we can’t understand this.
We do understand this. But we aren't important for the Poniz to continue because we are the minority. While the sheeple majority are getting suspicious and restless, another stock market crash will frighten then into submission.
"...just how much risk the Fed is willing to take on with taxpayer capital when bailing out a financial system that, absent ongoing accounting gimmickry and endless Reserve Banking System subsidies, is still rotten to its core"
and the thing is, this statement could really be written at any time in the past five decades and it would still be pertinent and true.
That's the ticket for sure Dice
Let these names be burned in our memories: Ian Lowitt, Skip McGee, Ajay Nagpal, Tom Humphrey, Eric Felder, Gerald Donini, Mike Gelband and Hyung Lee.
Hope you got yourselves a good deal, assholes. Enjoy your country club memberships and Ukrainian call girls while you can, you fucks. Even if the regulators conveniently forget, Google never, ever will.
What a read!
Fantastic view of the battle in the trenches in the midst of a crisis!
Bravo to JP Morgan!
Nice try Barclays, way to take a tragedy and see it as an opportunity to pull out all the stops and ironically "go for broke".
As for the Fed, well, they're not the Justice Dept., and they're not that different from the IMF, an organization that bails-out entire countries due to greed and corruption on a regular basis.
The only difference here is that there is an outside chance that Barclays may actually be held accountable -though I wouldn't count on it.
I enjoyed reading this as much as the cliff notes of a Tom Clancy novel.
Life is more compelling than fiction.
Just imagine what would happen if the US had to implement the kinds of austerity measures countries receiving IMF money have to. Rough comparison would be a 30% reduction in the budget, social security, disabled veteran pensions & benefits, across the board reductions in salaries and every department of government. If America had to suffer in this respect due to the actions of its oligarchs more folks would understand what is actually happening, what is at stake and the real costs associated with all these trillions.
Being the reserve world currency, means never having to say you're sorry.....
Have you ever been to tropical fruit market on a hot summer day? The stuff is deterioting and prices are falling...
So, all the assets are deterioting like ...
I was thinking the restrooms at LaGuardia.
There is an especially germaine lyric from a clown rap group that works well. I'll spare you the link unless you want it, but here is an applicable line.
Peel back the rind and examine the fruit Rotten to the core buried in they best suits Maggots crawling on they face, Eyes sunk in they head Throw your fuckin arms up and rock the dead - Twiztid
i defy you take a slash at Dacca airport
And they started out smelling like durian in the first place.
At this point in time, I think it would be appropriate to use taxpayer funds to purchase top of the line sunglasses for geithner, summers, bernanke, ad infinitum, because the sunlight is getting very bright. starting to sting the eyes. starting to smell really bad to.
Big ovation to ZH (once again) for letting the sunshine come in.
ps...larry g. mcdonald, what do you think about this?
Once again excellent weekend read ZH. Thanks for the analysis and sourcing.
I plan on moving my credit card debt off my balance sheet soon. It will improve my cash flow and make the capitol requirements for my other expenses more easy to manage. I do plan on reimbursing my creditors though, in 10 or 20 years.
I think that this video is more appropriate.
"We are in some hellified shit if Kansas is fukced up!"
Burning and looting of the Treasury by bankster PRIVATE corporations has never been more apparent. Keep it up banksters -you'll learn what burning and looting are all about the hard way.
You will NOT gamble with MY money ANY longer!!!!
It just goes on and on with no end in sight. Will we ever see the end of the fraud, deceit and greed that is part and parcel of Wall Street. I am afraid as long as we have the same corrupt govt. system in place the truth will be covered up. it is all about getting re-elected.
Term limits anyone.
First post for a newbie.
Glad I know 3rd grade math. :)
Welcome aboard mono poly. We look forward to getting to know you and your friends you bring along. Term limits are a joke since the system is what it is. It is said in many places one term as county sheriff would set ya up for life.
The getting reelected part is just a game to keep politicians in check and get another person inside their life.
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